Social Security Idea
A caller to Brian Sussman's show on KSFO last night had what seems to be a good idea.
The proposal is to allow people of retirement age the option of continuing to work as long as they want, but tax-free. Since they are working, they would receive no Social Security benefits. Obviously this would not apply to any funds in a private account.
Since they weren't going to be paying taxes anyway, there's no negative impact on revenues. Employers gain experienced help at a bargain. Seasoned Citizens get a whopping raise. And even if only a few percent take advantage for a few years, it could go a long way toward offsetting the shortfall.
I'm not qualified to analyze the proposal in detail, but it intuits well. So I'm askin' ya: What do you think?
posted by Craig at 08:44
3 Comments:
love it. and how soon can we LOWER the retirement age!
But aren't there currently millions of people working past their "retirement age" *and* paying taxes into the system? All while receiving no SS checks? So now these folks don't pay taxes? And that is supposed to *help*? So a 70-year old CEO earning 7 figures doesn't pay taxes any longer but that will be ofset by a few folks working 3 more years at the florist?
I think Paul will be happy but Peter will be filing a police report on this one!
The idea has considerable merit. The only objection that occurs to me is that it is mostly incompatible with the Fair Tax Proposal which I also support.
But since the chances of getting either are remote, the problems of getting both can be dealt with in the unlikely event they arise.
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